| Can you save if you get your own home built? |
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Omen_Orthodox
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| Can you save if you get your own home built? |
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Can you save if you get your own home built vs. buying a house (average median price) from a party off the lot. I mean, by getting several different contractors (at the lowest bids) to build your home. I don't know anything on this subject but I think it would be super to save 20-33% on Real Estate. How much knowledge on construction do you need? What do you think?
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Tue Apr 04, 2006 12:30 am |
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efflandt
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Location: Elgin, IL USA
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You can save a considerable amount of money depending upon how knowledgeable you are (sounds like you are not) and how much family or friendly help you have.
When my bro-in-law and sister built their home outside of Waukesha, they got a contractor to do the foundation and well/septic, and the builder basically just built the shell. We actually unloaded the building materials from the trailers (my brother turned green helping unload 7000 lbs of shingles). Even my mom was up on the roof nailing on shingles, and we did all the painting. My bro-in-law did the plumbing, heating, we all did the hardwood flooring. He connected outlets and switches after an electrician ran the wires. They had professionals do the drywall.
But my brother-in-law had years of experience selling kitchens and acting as a contractor for kitchen remodeling, later had a home inspection business, and then became a building inspector for small area communities.
That was a long time ago, so prices are relative. The 1 acre lot was $9,000. I don't know if that was included in or in addition to $42,000 to build a 4-bdrm, 2.5 ba, 1942 sq ft home, assessed after completed at $80,000 (sold in 2000 for $213k).
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Tue Apr 04, 2006 3:48 am |
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TeenInvestor
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Do some research, find the right subcontractors who are both reliable and efficient, not to mention to to expensive.
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Tue Apr 04, 2006 7:19 am |
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MattL
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You will definately save money if you act as general contractor, but you better have a good amount of spare time available. It can be a full time job in itself.
On the other hand I know quite a few people that had to manage their general contractor and it took up almost as much time to look over his shoulder. If you hire a general contractor get a good one or you wil be doing his job.
Debt Elimination
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Wed Apr 05, 2006 6:48 pm |
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Stock Mama
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When I was a kid, my dad bought an acreage and we put a house on it. Dad had some definite ideas about how he wanted it built and the quality of materials he wanted used in its construction.
Dad contracted out a lot of the work, such as pouring the foundation, framing, and doing the drywall, plumbing, etc. But we did as much as we could. I was in fourth grade at the time, and I remember priming and painting miles and miles of siding, both sides, before it went up. That siding is still on the house 30 years later, still in great shape. I painted yards and yards of gutters (those later got replaced), and helped stain and varathane cupboard doors and wainscot. Dad did much of the wiring himself.
Lots of work, but the house looks great. But I don't think I'll ever do it again! I've had enough already!
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Wed Apr 12, 2006 4:54 am |
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CalixEros
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I'm sure there are a few areas where it would not be feasible, but in general, you can save money and get a house built the way you want. The key is to finding good contractors. Even one bad sub can cost as much as you'll save in time, money, and agravation. I can imagine it's not something you'd want to do if you don't have any experience. Even with good subs, you need to coordinate all the activities, put together a schedule, check to make sure you're not paying them too much each month, check their work, etc. As a general rule of thumb, always get at least 3 prices for each trade from qualified contractors. If you have any specific questions, let me know.
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Sun May 28, 2006 5:15 pm |
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oldguy
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but more about getting subcontractors to get their jobs done on time in the proper sequence. I've talked to people who've done this and basically they say it's something they never care to have to do again.
This will be the big issue. Remember, the subs make their living working for the builders so the builders will get priority - you will always be at the back of the line - when they have a 'free' day with nothing else to do they will do yours.
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Sun May 28, 2006 6:34 pm |
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